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Cotton trade flat at Andhra & Telangana on steady mill buying amid regular daily arrivals

30 Nov 2022 3:22 pm
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Mumbai, 30 NOV (Commoditiescontrol): Cotton prices traded little changed on Wednesday, at mandis of Andhra Pradesh and Telangana, due to slow mill demand, while regular pace of daily arrivals was maintained.

Clear weather conditions are witnessed over Telangana and Andhra Pradesh. As per traders, poor local and export demand of cotton yarn, mills are buying cotton in limited quantities. Hence, spot cotton prices have maintained a steady tone. At international and domestic derivatives markets, cotton quoted strongly. Hence, prices are not likely to witness further correction, As raw cotton prices trade at elevated levels, ginners are finding it increasingly difficult to sell. Given the slow arrival of cotton about 40-50% ginning mills are in operation currently. Further, poor realisation from raw cotton exports have led multi national companies to adopt a wait and watch approach. Meanwhile, farmers are delaying cotton sales as they expect prices to rise in the near future. As a result, cotton arrivals have declined. Prices are expected to witness increased volatility in the near term.

On the domestic futures market today, cotton prices witnessed a mixed tone. April'23 futures contract of kapas on the NCDEX eased 0.64 percent. The November month cotton contract on the MCX has added Rs 310 at Rs 33,400 per bale (1 bale -170 kg).

The daily arrival of cotton in the mandis of Andhra Pradesh and Telangana was 8,000 bales (1 bale -170 kg) today, as compared to 9,000 bales received in the previous session. Of the total arrivals, 5,000 bales arrived in Telangana and 3,000 bales in Andhra Pradesh.

Cotton prices were at Rs 7,000-8,700 per quintal in Telangana mandis and at Rs 6,800 to 9,050 per quintal in Andhra Pradesh mandis.

Cottonseed prices ranged from Rs 3,500 to Rs 3,750 per quintal in mandis of Telangana and Rs 2,700 to Rs 3,800 per quintal in mandis of Andhra Pradesh.

In Guntur mandi of Andhra Pradesh, 29/29.5plus mm RD 71/73 variety of cotton traded at Rs 58,000 to 65,000 per candy (candy-356 kg), while 30 mm RD 71/73 variety new cotton traded at Rs 70,000-70,500 per candy, depending on the quality.

In Adoni Mandi of the state, 29 plus mm RD 72/75 variety of cotton was traded at the rate of Rs 63,000-69,000 per candy (candy-356 kg).

In Warangal Mandi of Telangana, 29 plus mm RD 72/75 cotton traded at Rs 68,500-69,000 per candy.

In Bhainsa Mandi, the price of 29/29 plus MM variety of RD 72/75 cotton was quoted at Rs 68,500 to Rs 69,500 per candy.

In Adilabad Mandi of Telangana, 29 plus mm RD 72/75 cotton traded at Rs 68,500-69,000 per candy.

(By Commoditiescontrol Bureau: +91-22-40015505)

       
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